Superior Funding Corporation Blog

Most common reasons condo financing fails

Buyers (and sellers, too) of condominium units are better off knowing that not all condominiums can be approved. At least not by conventional means. Fannie Mae keeps tabs on condominiums which come under their radar in their tool Condo Project Manager. By

Jul 12, 2024 | Conventional Loans Condominiums

Coming soon: Fannie Mae will punish borrowers with 740 credit score

Having already severely punished buyers of second homes and borrowers seeking cash-out refinance, Fannie Mae is now going after borrowers with a perfect (at least until now) credit score of 740. Once the changes hit a little later this year, borrowers wit

Feb 09, 2023 | Purchasing a Home Interest Rates First-time Homebuyers Conventional Loans

Lending in 2023: Baseline Loan Limit Increase and Breaks for First-time Homebuyers

Here is some positive news from the world of home lending. Baseline Conforming loan limit for single family homes is increasing to 726,200 in 2023, up from 647,200. Conforming loan limits will be higher in high-cost areas. In our State of Massachusetts, f

Dec 12, 2022 | First-time Homebuyers Conventional Loans

Temporary Rate Buydown vs Permanent Buydown, a Deeper Look

Although temporary rate buydowns have been around for a very long time, they appear to be re-emerging. Seller-paid temporary buydowns, specifically, are currently receiving much of the spotlight. Let’s look at temporary rate buydowns and the math behind t

Oct 30, 2022 | Purchasing a Home Conventional Loans Buydown

The aftermath of Florida condo building collapse

In October last year, in the aftermath of Florida condo collapse, Fannie Mae threw a big wrench into condominium approval process. In their lender letter LL-2021-14 (you can look it up), the maker of lending rules added somewhat ambiguous requirements fo

Jul 02, 2022 | Purchasing a Home Conventional Loans Condominiums

How to Qualify for a Mortgage When Your Income Isn’t Steady

Mortgage lenders love to see borrowers with consistent, steady incomes. But not all borrowers have jobs that send a paycheck every two weeks. Of course there are plenty of self-employed entrepreneurs, but there are also people who are depend on tips for i

Oct 10, 2018 | Purchasing a Home Conventional Loans

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